Executive Report on Strategies in Taiwan, 2000 edition (Strategic Planning Series)

Book Description

Taiwan has recently come to the attention to global strategic planners. This report puts these executives on the fast track. Ten chapters provide: an overview of how to strategically access this important market, a discussion on economic fundamentals, marketing & distribution options, export and direct investment options, and full risk assessments (political, cultural, legal, human resources). Ample statistical benchmarks and comparative graphs are given.

Book Description

Spurred by the advances in option theory that have been remaking financial and economic scholarship over the past thirty years, a revolution is taking shape in the way legal scholars conceptualize property and the way it is protected by the law. Ian Ayres's Optional Law explores how option theory is overthrowing many accepted wisdoms and producing tangible new tools for courts in deciding cases.
Ayres identifies flaws in the current system and shows how option theory can radically expand and improve the ways that lawmakers structure legal entitlements. An option-based system, Ayres shows, gives parties the option to purchase—or the option to sell—the relevant legal entitlement. Choosing to exercise a legal option forces decisionmakers to reveal information about their own valuation of the entitlement. And, as with auctions, entitlements in option-based law naturally flow to those who value them the most. Seeing legal entitlements through this lens suggests a variety of new entitlement structures from which lawmakers might choose. Optional Law provides a theory for determining which structure is likely to be most effective in harnessing parties' private information.
Proposing a practical approach to the foundational question of how to allocate and protect legal rights, Optional Law will be applauded by legal scholars and professionals who continue to seek new and better ways of fostering both equitable and efficient legal rules.

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Excellent first book on real options
Highly technical
My view is that this is an excellent book - worthreading

Real Options: Principles and Practice
David Newton , Dean Paxson , Sydney Howell , Mustafa Cavus , and Andrew Stark
Manufacturer: Financial Times Prentice Hall
ProductGroup: Book
Binding: Hardcover

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Real Options, Revised Edition: A Practitioner's Guide

ASIN: 0273653024

Customer Reviews:

Excellent first book on real options.......2004-07-21

If there is any book that you want as a comprehensive starter on real options, this is IT ! Definitely worth its price. Look out for the numerous case studies that illustrate the wide ranging applications - it gets me thinking about applying onto transport projects....

Highly technical.......2002-01-24

This is a very comprehensive text. However, make no bones about it; the prose reflects a highly technical style of writing. If you have limited knowledge about differential equations, logic, and statistics, you will struggle to stay engrossed past the first few chapters. Hard reading is an understatment. I was hoping that this would be the book that could boil down what real options are and give me a straightforward approach to their applications. Reading this I feel like I am back in an astrophysics class at MIT.

My view is that this is an excellent book - worthreading.......2001-10-23

This is an excellent book. I had been initially surprised by the critical reviews for Copeland et al. and Kulatilaka et al. (Copeland, especially, has strong credentials,) but now, having looked at those books, sadly I have to agree. Then I bought this book and found a gem. The approach is fresh and we are not just presented with the same familiar textbook routes; the best part of which is that real problems are not hammered into available but inappropriate analytical solutions. The structure of the book is unusual too: 4 chapters with the foundations (including some maths but fully accessible to managers - good diagrams and plenty of intuition), 6 chapters of case studies (one, "Dixpin" by Stark, written to link with Dixit & Pindyck, the others new and based on consulting/research - nice to see non-standard cases and also more than one underlying variable!), 4 more chapters (the title of the last, "Summary for executives", speaks volumes about the authors' helpful approach, even if you're not an executive!), and 5 appendices + glossary, etc. The appendices and cases are written in the same style as the chapters of main text and the result is a very flexible resource which, I think, will be helpful for beginners, thro' 2nd year MBA and up to quite advanced practitioners.

Even when standard techniques are shown they are given innovative explanations. For example, see pages 266-269 in Newton's Appendix 4, on numerical solution, which I believe is a genuinely new way of taking the well-known mathematical relationship between the Black-Scholes partial differential equation and the heat conduction equation but explaining it using common sense appreciation of heat and temperature (amazingly, he manages to obtain the combined call option payoff and stock price diagrams using a thought experiment in heat/temperature which I could actually understand!). In this single appendix are both the intuition for understanding the evolution of option prices and the details of finite difference calculations which any reader can readily reproduce. His explanation of the random walk for beginners (Appendix 5) is the best I have ever seen (I even liked the very British story about a drunken sailor taking a random walk near Her Majesty's Royal Naval Dockyard - fortunately, the book does not often digress with funny stories, but this one helped).

I am always wary of books with many co-authors (this one has seven) but here you could believe that one author wrote the whole book. Howell is the editor and presumably the author of the chapters which are not attributed; other parts are by different combinations of the seven. All are in the Real Options Group at Manchester Business School, England (Patel is at Cambridge) and that may explain the cohesion of the text.

Book Description

Bigwig Briefs: Career Options for Law School Students includes knowledge excerpts from some of the biggest name lawyers in the world including partners from Hogan & Hartson, Sughrue, Mion, Zinn, Macpeak & Seas, Buchanan Ingersoll, Palmer & Dodge, Proskauer Rose Goetz & Mendelsohn, Schmeltzer, Aptaker & Shepard, Mintz Levin and others. Items discussed include the right way to find the best firm for your interests, deciding which practice area to go into, interviewing tips, summer programs, studying for the bar, finding a mentor and achieving long term professional and personal success as a lawyer. A must have for pre-first, first, second, third year law school students, and recent graduates at every law school and other individuals entering the legal world.

Customer Reviews:

Don't waste your money.......2004-07-16

The editorial review of this book greatly misleads a potential purchaser, and even if it accurately described the contents of the book, it is still not worth $15. To begin with, the "various" areas of law that they claim to interview people from only include IP, Labor and Employment Law, and Litigation. I would have assumed that if a book claimed to interview people from various areas of the law, many more areas would be covered. Do not buy this book if you are looking to gain insight into what practicing in a particular speciality would be like, or for information on deciding what speciality you would like to practice. The book contains short essays from multiple lawyers giving practice tips, none of which can't be found in other, better books or just through common sense ("Read the newspaper every day to keep up with current changes in the law."). Even if you are planning on practicing in one of the the areas the book does cover, I don't think it would be a great resource. Also, unless I just missed it, I never saw any tips on studying for the bar or choosing a practice area. Bottom line: skip this book and keep looking, or buy it used for less than five dollars, not new for fifteen.

Average customer rating:

I would not recommend it and suggest to research the author
Highly Recommended!
Disappointment
Good overview but the editor was asleep
A good text on real options for intermediate practitioners.

Real Options in Practice
Marion A. Brach
Manufacturer: Wiley
ProductGroup: Book
Binding: Hardcover

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ASIN: 0471263087

Book Description

Explores real option theory applied in practice

Real options are quickly becoming the valuation and decision-making method of choice for many companies, including oil and gas companies, utilities and natural resource companies, pharmaceutical and biotech companies, Internet companies, and many others.

Real Options in Practice allows readers to view the world of real options from the vantage point of a corporate practitioner applying real option valuation techniques on a regular basis. Expert Marion Brach describes the challenges of implementing a real option framework in practice within a corporate setting. Touching on the real options most firms care about, Real Options in Practice identifies the classic types of real options-deferral, abandonment, switching, expansion, and compound-and explores the main concepts critical to understanding real option theory. Through Brach's own three-step real option valuation method readers will learn how the theory of real options is now being applied to drive better, more profitable corporate decision-making.

Marion A. Brach, MD, MBA (Hagen, Germany), has undertaken financial valuation of business opportunities and acquisitions using scenario and real option valuation in the biotech industry. A recognized expert on real option theory and practice, Brach received her MBA from the Manchester Business School and frequently speaks at real option seminars.

Customer Reviews:

I would not recommend it and suggest to research the author.......2004-07-29

I've dealt with many books about Real Options (Mun, Copeland, Trigerorgis, ecc): all were different in style and content but defintely better than this.
I do not like this one at all nor I would recommend it. Particularly, this book contains a solution methodology that is not well explained and that I could not back up with solid theoric foundations. After long and careful research on the topic, I've never seen it replicated elsewhere. To me, but I might be wrong, it was even a little bit contradictory with respect to other statements in the book and other sources.
Trying to be objective, my wise suggestion in this particular case (though valid in general) would be to really do in advance some research job on the web about the author's scientific merits and her career achievements before committing to the book: I did only after buying and reading, but this proved to be a bad choice for me.

Highly Recommended!.......2004-05-20

No financial innovation of the past half-century has been more important than option analysis. The notion that option analysis could help corporate managers make more effective investment decisions was bold news in the early 1980's, but did not make much of an impact beyond rather narrow circles. Options are hard to understand - the math can be intimidating and few people have been able to explain option analysis in a way that makes sense to the financial laity. This book is, therefore, long overdue. Marion A. Brach delivers the essential logic and analytical framework of real options to any corporate manager. The text can be heavy going at times, and the author has an annoying habit of referring to examples without explaining them (footnotes cite other publications where explanations may be found). Still, we recommend this book highly. It shows why there is more to management decisions than many managers may have heretofore considered.

Disappointment.......2004-04-26

I was really excited when I bought this book since I needed a guide on "real" approach in evaluating real options. This book is definitely different from any other book on the issue of real options on the market. It deals with some very interesting concepts such as that volatility is not always profitable in real options. There, Brach bases her work on Huchzermeier and Loch but unfortunately is rather unconvincing in her explanation.
However I got really frustrated, when I tried solving some of her examples of valuating options. They are marred by numerous simple algebraic errors, making the whole example useless. (e.g. p. 99 fig. 3.21 - values of the stage options are incorrect)
As one of the previous reviewers had noted, Brach doesn't seem very confident with her maths and many of her examples are incomplete and hard to follow.
In short, if you want to read something "easy" and interesting about real options then this is your choice. However, don't expect this book to be a real guide in your everyday dealing with real options.

Good overview but the editor was asleep.......2004-04-25

Brach covers the theory sufficiently; however, her attempts to apply the threory to practical examples is weak at best. Three problems became major distractions for me and ultimately led to my not completing the book. First, examples cited within the book are very difficult to follow. Fairly important components of example equations fall from the sky with little explantion as to how they were determined. Second, there are inconsistencies between stated assumptions and mathmatical examples. This particular distraction is evident in the discount rates cited and used for calculations. Third, (I may be mistaken) but there may be variations in option valuing approaches that contradict Brach's methodology. By not addressing these variations ultimately leads the attentative reader to numerous unanswered questions.

Overall, it is a nice book that addresses the overall mechanics in an understandable fashion...even considering the problems with the examples. However, for those wishing the end-all-be-all real option reference book...Keep Looking.

A good text on real options for intermediate practitioners........2003-09-01

This book builds a solid foundation on corporate applications of real options. The author is an MD and has worked many years as a medical researcher. Thus, she has a first hand knowledge in health care and pharmaceutical research. She builds on this wealth of experience to develop many interesting examples of real options related to pharmaceutical drug development. However, she is perfectly comfortable developing excellent examples across industries such as oil explorations, new product developments, and other traditional real option corporate applications.

The strengths of the book include an excellent foundation in financial option theory, a good explanation of the Black Scholes option model and the binomial option pricing model. There is also an excellent section on the history of options which date back to the age of the Pharaohs and the Greeks.

The author does also a good job at outlining the weakness of the Discounted Cash Flow (DCF) analysis method of valuing projects. DCF does not handle well uncertainty of projects outcome, and flexibility in management decision and investing schedule. These weaknesses are just where real options excel. One counterintuitive variable is that uncertainty, that corporate managers traditionally dislike, lowers the value of a project in DCF, but actually increases it in a real options framework. This is not so strange when you consider that volatility is the main driver of options values within the Black Scholes model.

The overall weakness of this book is that many examples are not so well explained from a mathematical standpoint. You are often left wanting more explanations to truly become comfortable using these techniques.

Book Description

This book analyzes real options valuation for non-constant versus constant interest rates using simulation and historical backtesting. Several real options are investigated and combined with various pricing tools and stochastic term structure models. Interest rates for real options valuation are simulated by using stochastic term structure models (Vasicek, Cox-Ingersoll-Ross, Ho-Lee, and Hull-White one-factor and two-factor models) and by using implied forward rates. The book shows that the assumption of a constant interest rate in real options valuation is not justifiable. All necessary theory is provided in the book. The analyses were conducted using a proprietary computer simulation program. All results are explained in detail and rules are derived for application in Corporate Finance practice. For the first time, a systematic analysis based on simulations and historical backtesting compares real options valuation using constant interest rates and the implied forward rates with methods that simulate interest rates stochastically.

Real R & D Options: Theory, Practice and Implementation (Quantitative Finance Series) (Quantitative Finance)

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Real R & D Options: Theory, Practice and Implementation (Quantitative Finance Series) (Quantitative Finance)

Manufacturer: Butterworth-Heinemann
ProductGroup: Book
Binding: Hardcover

Corporate Finance | Finance | Business & Investing | Subjects | Books

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ASIN: 0750653329

Book Description

Real R&D options are among the earliest modelled real options, with now ten primary practical uses: general R&D planning, planning R&D in stages, evaluating test information, new product development timing, operations, abandonment, risk sharing, market funding, industry strategy and regulation.

This book was partly motivated by requests to identify and develop real option models for R&D in telecommunications, petroleum technology and biotechnology. Nine new models cover information and implementation costs, analytical solutions for mean reverting, or fat tailed revenues, endogenous learning and exogenous and experiential shocks, American sequential options, and innovator advantages. Four new applications include forward start development options, exploration options, innovation with information costs, and innovator's real values with changing market share.

R&D directors and researchers will find several uses for these models:
· general R&D planning
· evaluating test information
· new product development timing
· risk sharing
· industry strategy and regulation

*A practical guide to how organizations can use Real Option techniques to effectively value research and development by companies
*Provides a rigorous theoretical underpinning of the use of Real Option techniques
*Real Options applications are orientated around the economies of North America, Europe and Asia, for an international perspective

Owners to transform forum: redevelopment options include arena demolition. : An article from: Los Angeles Business Journal

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Owners to transform forum: redevelopment options include arena demolition. : An article from: Los Angeles Business Journal
Andy Fixmer
Manufacturer: Thomson Gale
ProductGroup: Book
Binding: Digital

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Book Description

This digital document is an article from Los Angeles Business Journal, published by Thomson Gale on January 16, 2006. The length of the article is 1271 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Owners to transform forum: redevelopment options include arena demolition.
Author: Andy Fixmer
Publication: Los Angeles Business Journal (Magazine/Journal)
Date: January 16, 2006
Publisher: Thomson Gale
Volume: 28 Issue: 3 Page: 1(2)

Distributed by Thomson Gale

Theory and practice in aircraft financial evaluation [An article from: Journal of Air Transport Management]

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Theory and practice in aircraft financial evaluation [An article from: Journal of Air Transport Management]
W. Gibson , and P. Morrell
Manufacturer: Elsevier
ProductGroup: Book
Binding: Digital

Options | Investing | Business & Investing | Subjects | Books
ASIN: B000RQZXUO

Book Description

This digital document is a journal article from Journal of Air Transport Management, published by Elsevier in 2004. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

Description:
This paper explores the state of practice regarding aircraft financial evaluation. Traditional measures of aircraft economic viability, including direct operating cost comparison, ignore both the non-cash elements of costs, and the time value of money. Practitioners adopting more advanced techniques often go straight to the net present value calculation using an industry standard discount rate, ignoring critical problems such as estimating the cost of capital, quantifying the highly uncertain economic environment airlines face, and valuing the flexibility offered by manufacturer options and operating leasing. We propose taking advantage of the potential flexibility of the net present value approach by close attention to the choice of discount rates to flesh out investment/financing interactions, use of Monte Carlo analysis to quantify risk up front, and real options analysis to better understand the value of flexibility to aircraft operators.

Missouri practice guide: Containing materials on the drafting of wills, probating of estates, land descriptions, options to purchase real estate, contract ... and corporations and criminal procedure

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Missouri practice guide: Containing materials on the drafting of wills, probating of estates, land descriptions, options to purchase real estate, contract ... and corporations and criminal procedure
Marlin M Volz
Manufacturer: Volz
ProductGroup: Book
Binding: Unknown Binding

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ASIN: B0007ETKI2

Book Description

This important volume contains an extensive collection of Tadzhikistan legal texts translated and edited by the eminent scholar William E. Butler. All material is translated anew and is prefaced by an introductory note on the legislative history of each enactment and a contextual observation. The documents translated in this volume have been chosen for their fundamental importance in understanding the Tadzhikistan State structure and legal system and the peace process intended to achieve civil accord. All are in force, and there is a strong emphasis upon those enactments of key importance to the foreign investor. The broad scope of this work will provide the practitioner, legal scholar, government legal adviser, and student an excellent reference tool for understanding contemporary Tadzhikistan legal structures. This is the second volume in the CIS LEGAL TEXTS series edited by William E. Butler. The first volume of the series, Russian Legal Texts, was published in 1998.

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TRANSITION FROM SUBSISTENCE: CASH CROP DEVELOPMENT IN PAPUA NEW GUINEA
R.T. and Straatmans, W. Shand
Manufacturer: Port Moresby and Canberra, New Guinea Research Unit, 1974. Wrappers, frontispiece map, maps, tables, figures, pp. xii, 203. Corners sl. bumped, name on half-title else v.g.
ProductGroup: Book
Binding: Paperback
ASIN: B000LR02I2

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Transition from subsistence: Cash crop development in Papua New Guinea (New Guinea research bulletin)
R. T Shand
Manufacturer: New Guinea Research Unit, The Australian National University
ProductGroup: Book
Binding: Unknown Binding

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ASIN: 0858180197

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